The impeachment motion was carried by a wider-than-expect 234-56 margin in a secret ballot in parliament, meaning more than 60 of Park's own conservative Saenuri Party members backed removing her. The votes of at least 200 members of the 300-seat chamber were needed for the motion to pass.
The Constitutional Court must now decide whether to uphold the impeachment, a process that could take up to 180 days.
"I solemnly accept the voice of the parliament and the people and sincerely hope this confusion is soundly resolved," Park told a Cabinet meeting, adding that she would comply with the court's proceedings as well as an investigation by a special prosecutor.
Park, whose approval rating stands at just 5 percent, has resisted demands that she step down immediately.
Under the constitution, Park's duties were assumed by Prime Minister Hwang Kyo-ahn on an interim basis until the court rules.
"I stand here with heavy-hearted sadness," Hwang said in a televised address. "As an aide to the president, I feel deep responsibility about the situation we have come to face."
Park, 64, is accused of colluding with a friend and a former aide, both of whom have been indicted by prosecutors, to pressure big businesses to donate to two foundations set up to back her policy initiatives.
Park, who is serving a single five-year term that was set to end in February 2018, has denied wrongdoing but apologized for carelessness in her ties with her friend, Choi Soon-sil.
If Park leaves office early, an election must be held within 60 days.